<h1>VAH Raises $316.3M via Bonds for Highway Expansion, Attracts Global Investors with 10.4x Oversubscription</h1> Varanasi Aurangabad NH-2 Tollway Private Limited (VAH) has raised USD 316.3 million through dollar-denominated bonds to refinance and fund capital expenditure. The bonds, with a 5.90% coupon rate and a nine-year maturity, were oversubscribed by approximately 10.4 times, attracting 144 investors globally. VAH, managed by Roadis, oversees the 192 km Varanasi-Aurangabad highway's operations and expansion to six lanes. The project enhances connectivity between Uttar Pradesh and Bihar and is one of three highway projects under the build-operate-transfer model. Deutsche Bank, HSBC, and Societe Generale facilitated the transaction.